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Wheat pushes up corn, soybeans

Updated: 09/25/2013 @ 2:10pm

DES MOINES, Iowa (Agriculture.com)--The CME Group wheat market hit a 15-week high, on short-covering and global weather concerns Wednesday.

At mid-session, the Dec. corn futures contract is trading 7 1/4 cents higher at $4.56. The Nov. soybean futures contract is trading 8 1/2 cents higher at $13.21. Dec. wheat futures are trading 15 1/4 cents higher at $6.73 per bushel. The Dec. soymeal futures are trading $3.40 per short ton higher at $415.70. The Dec. soyoil futures are trading $0.25 higher at $42.34. 

In the outside markets, the NYMEX crude oil is $0.04 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points lower.Tim Hannagan, Walsh Trading Inc. grain analyst, says that wheat pulled everything up. 

"After Dec. wheat held chart support for the last 7 weeks, traders began to buy back some of the near record short position of 87,000 contracts. Today, they broke through a major upside resistance chart line that goes back to January." 

Traders remember last year's $2.00 move that started with the same technicals. "Those technicals were both at the $6.50 area and much like a year ago fund investors are short 87,000 contracts," Hannagan says.

Plus, wheat received support from unfavorable crop-weather in Argentina. Freezing weather threatens that South American country's wheat production.

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09/25/2013 @ 9:08am Beans are actually down,and corn is up 1 wow what a rally.

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mark guildenzoph Re: Re: 09/25/2013 @ 2:00pm At this rally rate we should see the two dollars you all have taken off in the last 4 months come back by 2015. What is more amazing is the actual numbers of stock supply and demand, because the prices are even farther off from reflecting that crop. At this point anything in the positive would have to be considered a rally.

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Mike McGinnis Re: Re: 09/25/2013 @ 12:07pm Corn is up, soybeans are up, and wheat is up even more. IT IS A RALLY!!!!!!!!

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